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<br />~. <br />~ <br />DOMINIUM,NC <br /> <br />~ <br />aA~ <br />r; / 11.11 ~ to'. <br />~ <br /> <br />May 16, 1995 <br /> <br />Q~ ~ \~I\\ ~ <br />\'!\ ~ \J <br /> <br />City Council <br />City of Roseville <br />2660 Civic Center Drive <br />Roseville, MN 55113-1899 <br /> <br />Dear Council Members: <br /> <br />On Monday, May 15, 1995 we received a fax from City staff which included an analysis of <br />the three Arona site proposals. We would like to take this opportunity to clarify several <br />points in our proposal. <br /> <br />First, we had indicated at the City Council meeting on April 17, 1995 that we will pay <br />market value for the site. For a 160-unit multifamily property, land value would be <br />approximately $500,000. If the market study indicates more units should be built on the <br />site, the market value of the land would correspondingly increase. In addition, our project <br />would, at a minimum, pay $200,000 in annual real estate taxes. <br /> <br />Second, Dominium has not asked for any tax increment financing and we are not seeking <br />any other type of City financial assistance. This project would not seek any City resources <br />to pay for site infrastructure. However, if the City is interested in reducing rents below our <br />proforma rents, you may want to explore other means of assistance to accomplish that goal. <br /> <br />Third, the Dominium site plan is well-suited for phased construction. Construction could <br />begin on the three-story apartment building without interferring with the use of the activity <br />center. Once the need for the activity center has ended, construction of the <br />cottages/townhomes could begin. We are willing and able to work with the school board <br />concerning this matter. <br /> <br />An important attribute that Dominium brings to the project is the capability of being <br />flexible. Previously, City staff indicated to us that our proposal lacked specific detail in <br />comparison to the other proposals. This should not be viewed as a lack of thoroughness, <br />but rather it is an indication of our understanding of the ever changing development <br />process. At this point, we have intentionally left several variables open so that we can <br />incorporate the City's, neighborhood, and financing needs. <br /> <br />Minneapolis. Milwaukee. Miami <br />3140 Harbor Lane, Suite 102 Minneapolis, MN 55447-5120 Phone 612/559-1711 Fax 612/559-1783 <br />Development. Construction. Management <br />